Welcome to this month’s San Mateo County, California real estate market report for single-family homes and condos. There was a slowdown from last month in sales of single-family homes and condos and median prices for properties have dropped slightly month to month, which is good news for buyers. Buying activity has continued as sellers of single-family homes and condos are getting above the asking price for their homes at closing. Find out more about the San Mateo real estate market with this helpful report.
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San Mateo Housing Stats
The median sale price for single-family homes in San Mateo at the end of August 2022 was $2,150,000, this is a month-to-month drop from $2,170,000. The median sale price for single-family condos is also down year to year, dropping from $2,250,000.
There were 322 single-family properties sold in San Mateo last month and for the year there have been approximately 900 properties sold in San Mateo. There a total of 889 new listings hit the market, during August, for the year there has been a total of 1,200 new listings hit the market, this is down from 1,300 one year ago.
There are just 1.6 months of single-family housing inventory available to buyers in San Mateo, and homes are on the market for an average of 22 before being sold, which is up from 15 days just one month ago.
Buyers are continuing to be aggressive with their offers as the median list-to-sale price ratio for August was 105.3%. List price to sale price ratio has continued to hold at the 105% of the asking price mark over the last 12 months.
San Mateo Condo Stats
The median sale price for condos in San Mateo County, California, at the end of August 2022 was $1,000,000, this is a month-to-month drop from $1,100,000.
There were 109 condo listings sold last month, for the year there have been approximately 350 condo properties sold. There was a total of 335 new condo listings that hit the market during the month of July, which makes the total of new listings for the year 420, which is down from 480 at this time one year ago.
There are just 1.7 months of condo supply available to buyers, and condos are on the market for an average of 29 days before being sold, which is up from 17 days during July.
Overbidding of condos continues as sellers are getting a median of 103.2% of their list price at closing. The percentage of list price received at closing for condos has stayed consistently at 103% over the last 12 months.
What Does This Mean For Buyers?
While there is some good news for buyers in that single-family home and condo sale prices have fallen, there is a great deal of competition for the properties available. Buyers may start seeing prices falling as inflation and threats of a recession loom. Buyers should remain diligent and be ready to act when a property is found. Buyers should be realistic about their pricing strategy and have a top limit determined before making an offer. Some buyers may be sidelined by the rise in prices or settle for fewer must-have features.
What Does This Mean For Sellers?
If you are thinking of selling your home or condo in San Mateo, now is a good time to get it listed and on the market. While the market currently favors sellers in San Mateo, there could be a shift ahead. Inflation and rising interest rates have sidelined many buyers, however, there is still strong buying activity, and overbidding for properties continues.
While the current trends will continue in San Mateo County, buyers and sellers should be prepared for any major shift in the real estate market. As inflation and fears of recession increase, home buying and selling activity may see a major slowdown. Buyers and sellers should be realistic, and practical, and plan for any circumstances to be better prepared if there is a bust in the San Mateo real estate market.
If you are in the market to buy or sell a home in San Mateo County, California, give us a call today and we can help. We have the experience, knowledge, and professionalism to find you a perfect home for you and your family and price your home correctly, market it to the most qualified buyers, and net you the most money. Give us a call today!
San Mateo County Homes for Sale
Here are the most recent single-home listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $2,150,000 or less.
San Mateo County Condos for Sale
Here are the most recent condominium listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $1,000,000 or less.